Exhibit 99.1
AMENDED ITEM 6. SELECTED FINANCIAL DATA OF MMC’S ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2009.
Marsh & McLennan Companies, Inc. and Subsidiaries
FIVE-YEAR STATISTICAL SUMMARY OF OPERATIONS
For the Years Ended December 31, (In millions, except per share figures) | 2009 | 2008 | 2007 | 2006 | 2005 | Compound Growth Rate 2004-2009 | ||||||||||||||||
Revenue | $ | 9,831 | $ | 10,730 | $ | 10,370 | $ | 9,589 | $ | 9,245 | 1% | |||||||||||
Expenses: | ||||||||||||||||||||||
Compensation and Benefits | 6,182 | 6,830 | 6,609 | 6,141 | 6,016 | 1% | ||||||||||||||||
Other Operating Expenses | 2,871 | 3,221 | 3,004 | 2,613 | 2,891 | 1% | ||||||||||||||||
Regulatory and Other Settlements | — | — | — | — | 30 | N/A | ||||||||||||||||
Total Expenses | 9,053 | 10,051 | 9,613 | 8,754 | 8,937 | 0% | ||||||||||||||||
Operating Income (a) | 778 | 679 | 757 | 835 | 308 | 21% | ||||||||||||||||
Interest Income | 17 | 47 | 95 | 60 | 44 | (3)% | ||||||||||||||||
Interest Expense | (241 | ) | (220 | ) | (266 | ) | (303 | ) | (332 | ) | 2% | |||||||||||
Investment Income (Loss) | (2 | ) | (12 | ) | 173 | 207 | 183 | N/A | ||||||||||||||
Income Before Income Taxes | 552 | 494 | 759 | 799 | 203 | 17% | ||||||||||||||||
Income Taxes | 21 | 113 | 257 | 219 | 53 | (24)% | ||||||||||||||||
Income From Continuing Operations | 531 | 381 | 502 | 580 | 150 | 25% | ||||||||||||||||
Discontinued Operations, Net of Tax | (290 | ) | (443 | ) | 1,987 | 418 | 260 | N/A | ||||||||||||||
Net Income (Loss) | 241 | (62 | ) | 2,489 | 998 | 410 | 6% | |||||||||||||||
Less: Net Income Attributable to Non-Controlling Interests | 14 | 11 | 14 | 8 | 6 | 12% | ||||||||||||||||
Net Income (Loss) Attributable to MMC | $ | 227 | $ | (73 | ) | $ | 2,475 | $ | 990 | $ | 404 | 5% | ||||||||||
Basic Income (Loss) Per Share Information: | ||||||||||||||||||||||
Income from Continuing Operations | $ | 0.97 | $ | 0.70 | $ | 0.88 | $ | 1.02 | $ | 0.27 | 25% | |||||||||||
Discontinued Operations | $ | (0.54 | ) | $ | (0.83 | ) | $ | 3.61 | $ | 0.75 | $ | 0.47 | N/A | |||||||||
Net Income (Loss) Attributable to MMC | $ | 0.43 | $ | (0.13 | ) | $ | 4.49 | $ | 1.77 | $ | 0.74 | 5% | ||||||||||
Average Number of Shares Outstanding | 522 | 514 | 539 | 550 | 538 | |||||||||||||||||
Diluted Income (Loss)Per Share Information: | ||||||||||||||||||||||
Income From Continuing Operations | $ | 0.96 | $ | 0.70 | $ | 0.88 | $ | 1.01 | $ | 0.27 | 25% | |||||||||||
Income (Loss) From Discontinued Operations | $ | (0.54 | ) | $ | (0.84 | ) | $ | 3.57 | $ | 0.72 | $ | 0.46 | N/A | |||||||||
Net Income (Loss) Attributable to MMC | $ | 0.42 | $ | (0.14 | ) | $ | 4.45 | $ | 1.73 | $ | 0.73 | 5% | ||||||||||
Average Number of Shares Outstanding | 524 | 515 | 542 | 553 | 541 | |||||||||||||||||
Dividends Paid Per Share | $ | 0.80 | $ | 0.80 | $ | 0.76 | $ | 0.68 | $ | 0.68 | ||||||||||||
Return on Average Stockholders’ Equity | 4 | % | N/A | 36 | % | 18 | % | 8 | % | |||||||||||||
Year-end Financial Position: | ||||||||||||||||||||||
Working capital | $ | 1,216 | $ | 1,391 | $ | 1,834 | $ | 1,036 | $ | 1,301 | ||||||||||||
Total assets | $ | 15,337 | $ | 15,206 | $ | 17,359 | $ | 18,137 | $ | 17,892 | ||||||||||||
Long-term debt | $ | 3,034 | $ | 3,194 | $ | 3,604 | $ | 3,860 | $ | 5,044 | ||||||||||||
Stockholders’ equity | $ | 5,863 | $ | 5,760 | $ | 7,853 | $ | 5,842 | $ | 5,402 | ||||||||||||
Total shares outstanding (net of treasury shares) | 530 | 514 | 520 | 552 | 546 | |||||||||||||||||
Other Information: | ||||||||||||||||||||||
Number of employees | 49,000 | 50,100 | 51,300 | 48,400 | 48,700 | |||||||||||||||||
Stock price ranges — | ||||||||||||||||||||||
U.S. exchanges — High | $ | 25.46 | $ | 36.82 | $ | 33.90 | $ | 32.73 | $ | 34.25 | ||||||||||||
— Low | $ | 17.18 | $ | 20.96 | $ | 23.12 | $ | 24.00 | $ | 26.67 |
(a) | Includes net restructuring costs of $243 million, $328 million, $98 million, $86 million and $317 million in 2009, 2008, 2007, 2006 and 2005, respectively. |
See Management’s Discussion and Analysis of Financial Condition and Results of Operations, appearing under Amended Item 7 of this report, for discussion of significant items affecting our results of operations in 2009, 2008 and 2007.
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